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Trading Options Greeks: How Time, Volatility, and Other Pricing Factors Drive Profits (Bloomberg Financial)

4.6 out of 5 stars  See all reviews (9 customer reviews)


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  • Average Customer Review: 4.6 out of 5 stars  See all reviews (9 customer reviews)
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4.6 out of 5 stars
(9)
4.6 out of 5 stars
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12 of 12 people found the following review helpful
5.0 out of 5 stars The Definitive Guide to the Option Greeks September 3, 2013
Format:Hardcover|Verified Purchase
Learning to trade options has definitely been a challenge. When I first started, I would get panicky because I could not tell why I was losing money. Dan Passarelli's book on the option greeks helped take the mystery out of it for me as well as helped me learn how to better manage my trades. My first trading coach would have us measure our risk based only on absolute risk, ie if the value of our trade went to zero. But think about it: how many trades have you lost money on because the value of your call, put, or spread went to zero? Probably very few. Nearly all of my losses have been because of day-to-day, incremental risk, and this is what the greeks help us measure. Learning about the greeks is helping me improve my results immensely, and this book has been a huge part of that. Here is a snap shot of some of the things I've learned that have helped me use the greeks to better manage my trades:

- Why I make or lose money because of delta and how to use delta to determine when to take profits or cut bait
- How to calculate a new delta based on gamma
- How to use vega to predict if my trade will make or lose money based on a rise or fall in volatility
- Why sometimes it's important to impose a time stop due to theta eroding the value of a long position
- The importance of measuring your entire position in regards to each of the greeks (because the greeks are cumulative)

As a former market maker, Passarelli used the greeks every day in his trading, and while he takes the time to explain concepts as advanced as gamma scalping, he also breaks things down in simple terms with real-life examples, especially at the beginning.
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2 of 3 people found the following review helpful
Format:Hardcover|Verified Purchase
The author explains succinctly the factors having influence on the mkt. price of options. Option investors/traders with some knowledge of options can improve their return by reading this book. For those just starting out I would recommend Guy Cohen's Options made Easy. He covers each of the greeks in sufficient detail to understand the factors as well as their how and why. This is not a cook-book whose reading passes on techniques.
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5 of 8 people found the following review helpful
5.0 out of 5 stars option trading for alll March 10, 2013
By jim3605
Format:Hardcover
This is very comprehensive and a little overwhelming to the beginner. After reading and some hands on option practice everything starts to fall in place and the specifics of the book begin to make sense. Going forward it is a great reference.
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1 of 2 people found the following review helpful
5.0 out of 5 stars Excellent for the Intermediate Options Trader September 29, 2013
Format:Hardcover
Excellent book for the Intermediate level options trader who's familiar with delta / theta and basic option positions, but is looking to advance his/her trading with a better understanding of how gamma and volatility affect profits & losses. You'll want to read this book more than once.
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5 of 9 people found the following review helpful
5.0 out of 5 stars Excellent reference book for option traders March 22, 2013
By Katalin
Format:Hardcover
Trading Option Greeks focuses on the practical aspects of option trading, providing only the necessary theory to understand the practicalities of the concepts. It reflects the perspective of a professional trader on subjects such as strategy selection, volatility analysis or strategy specific details, written in an informal and clear style, full of examples. I enjoyed reading it, but more importantly, this book helped me to shift my option trading performance to the next level.
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